North Carolina Down Payment Support Programs

Online Payments - These systems would be the deposit Assistance System as well as the Mortgage Credit Certificate.

Also you buy a house between December 1, 2009 and January 1, 2009 and if you meet the requirements for one of these programs, you might also be eligible for the $8,000 tax credit just enacted into law.

First, who's a first-time Home Buyer? There is a First Time Home Buyer someone who has not owned a house in the past three years. That is the exact same qualifying definition.

What's a Mortgage Credit Certificate and Who Qualifies?

A Mortgage Credit Certificate (MCC) is a national tax credit to assist home buyers with moderate and low incomes.

You can claim 20% of the interest you pay as a credit on your own federal income taxes in case you are eligible for the MCC. It's possible for you to save around .

You'll manage to combine this with the $8,000 tax credit, if you do qualify for 2009. This may reduce the tax liability of a buyer's .

Household income is defined as the “gross income of the mortgagor and any other man expected to reside in the home who is 18 years of age or older.”

The income and house price limits Durham and Chatham Counties are listed below.

MCC Income Limitations 1 Individual $61,500 2 Persons $61,500 3 Individuals $70,500 4 Persons $70,500

MCC Sales Price Limits New Dwelling $220,000 Existing Home $210,000

Who Qualifies for Down Payment Help?

Home buyers that need help with their deposit and closing costs may be able to get down payment assistance - or, put simply, interest-free, deferred second mortgages up to $8,000. The buyer only needs to pay $1,000 of their own funds and the load would pay as much as .

This plan has more rigorous income limits than the MCC plan outlined above. Like the MCC application, it can be used in conjunction with all the new $8,000 tax credit on home purchases between January 1, 2009 and December 1, 2009. The deposit assistance, however, can't be used together together with the MCC. It is an either or scenario.

The income and house price limits that apply in Orange, Durham and Chatham Counties are given below.

Down Payment Assistance Income Limits

1 Man $39,950 2 Persons $45,650 3 Individuals $51,350 4 Individuals $57,050

Down Payment Support Sales Price Limits New House $210,000 Existing Residence $210,000